LONDON--(BUSINESS WIRE)--It isn't only chip-and-PIN technology which has given shoppers more trust in buying goods and services online – the latest, sophisticated authentication and buying processes have also played a big part.
That's according to PaymentSense, the UK's largest e-commerce enabler and provider of card processing technology.
With banking industry umbrella body the Payments Council predicting that the number of cash payments made by consumers in the UK will fall by a third by 2022, and that their use of cards to make even small transactions will rise by more than 75 per cent* over the same period, Payment Sense believes that retailers who don't take such payments are risking missing out on a huge chunk of this rapidly-growing source of income.
It adds that there is no reason for businesses of any size to find themselves penalised by not being able to take card payments, either using the widely-known chip-and-PIN machines, or other methods of online payment authentication technology, especially as the technology involved can be quickly installed in any business's premises, and is purposely designed to make it easier to reduce payment errors and ensure proper reconciliation at the end of every trading period.
The Payments Council's latest report, 'UK Payments Market 2013', also forecasts a fall of one-third in the number of cash payments, as people become more accustomed to paying for everything they buy using a card or online debit facility.
"The value of total consumer payments is forecast by the Payments Council to grow from £1.3 trillion today, to £2 trillion by 2022," said Guy Moreve, Head Of Marketing at PaymentSense.com.
"That growth will be led by mobile payments, which are predicted to really come to the fore in the next 10 years, with the Payments Council predicting that even money we pay to small businesses, family and friends will be routinely transferred using a smartphone or a tablet."
With mobile payment methods set to enter the mainstream, PaymentSense.com believes that everyone will soon start to think of paying for even their most regular purchases using contactless technology as being just as routine as using chip-and-PIN is at present.
"The next few years will be an exciting time for the payments industry," said Ross McTaggart, Content Marketing Content Executive at PaymentSense.com. "But every business, of any size, needs to get up to speed with the methods of paying for goods which consumers will find quickest and most convenient, or risk being left behind by its more savvy competitors."
Note to editors - * - Figures taken from the Payments Council press release, 'New report paints picture of 2022 payments', issued August 19 2013.
About Payment Sense: As the UK's largest Merchant Service Provider, PaymentSense enables 30,000 SMEs to process over £2 billion of card payments per year. From chip and PIN machines to e-commerce payment services, PaymentSense supplies small businesses with card processing solutions that allow them to take payments in store, online, over the phone and on the move.